A single miner managed to overtake a large portion of Bitcoinsv (Bitcoin Satoshi’s Vision) by capturing more than 80% of the hashrate in October. Today, the unknown miner commands 54% of the computing power of Bitcoinsv and in the last period. In seven days, 64.5% of the underground miner was captured.
Unknown Hashpower has captured 64% of the Bitcoinsv chain in the last 7 days, making the chain of empty BSV blocks worthless over time.
Bitcoinsv (BSV) has been linking the project to an anonymous miner, mining empty blocks and holding enormous amounts of hashpower. According to data from CoinDance, the miner captured 80 percent of the hashrate between October 17 and 18, 2022.
Interestingly, an anonymous miner took control of the blockchain hashrate in a defamation attempt between Craig Wright, a person claiming to be Satoshi Nakamoto, and the eponymous Bitcoiner Hodlonaut. Wright lost the suit and Hodlonaut was acquitted of all claims related to the defamation suit.
The self-proclaimed Satoshi, otherwise known as Craig Wright, was ordered to pay $348,257 in court costs for Hodlownaut. While the court case has yet to be decided, an unknown miner stepped up its hashing efforts just days before the lawsuit was due to end.
Instead of mining blocks with tens of thousands of transactions, the miner chose to mine near-empty blocks, which made blockchain obsolete for a long time. The BSV miner uses the BSV address “1KPST” and to date the miner has managed to mine 31,111 BSV.
At the time of writing this article at 8:30 am (ET), an unknown BSV miner has captured the last six blocks and each block subsidy has only one transaction (Block 762,740 to block 762,745). The recent attack on BSV is not the blockchain’s first rodeo with a malicious miner running the project.
Bitcoinsv was attacked last year and underwent a 100-block reorganization.
In the year In mid-July 2021, crypto exchanges stopped BSV deposits after 78% of the BSV hashrate was captured. In the year In the first week of August 2021, the network was brought to its knees when 51% of miners attacked the Bitcoinsv chain. On Tuesday, August 3, 2021, Nikita Zhavoronkov, blockchain founder of the BSV network, said that a 100 block reorg was established “clearing 570 thousand transactions.”
On October 17, 2022, when an unknown miner took over 80% of the network, the organization behind the BSV project, called the Bitcoin Association, said it planned to take action against the underground miner.
“The Bitcoin Association is taking action to contact all relevant exchanges and miners to stop the rewards associated with this malicious mining and will pursue criminal charges against the party/parties responsible,” the Bitcoin Association wrote.
The Bitcoin Association (BA) message also said it had been monitoring the mining for months and that the increase in availability had caused “network problems for honest miners and businesses” with the Bitcoinsv network.
In an update to the same blog post, BA insisted that “manufacturing a blank block is not dishonest under the rules set out in the white paper.” On the same day, BA also tweeted an article hosted on bitcoinsv.com saying “mining empty blocks will damage the Bitcoin network.”
On October 23, the native crypto asset bitcoinsv (BSV) fell by 3% against the US dollar and bitcoin (BTC) by 1.8%. Year-to-date, the token’s BSV has lost 72.7% in the greenback and BSV is down 90.5% from its all-time high recorded on April 16, 2021.
In the last 24 hours, BSV has seen $25.19 million in international trade and the highest trade from South Korea. Korea’s winner today represents 46.68% of BSV’s global trading pairs, according to cryptcompare.com data. Tether (USDT) is BSV’s second largest trading pair with 35.69% of all BSV transactions, followed by usd coin (USD) with 8.45% of BSV swaps.
What do you think about the many empty block subsidies for unknown miners on BSV chain mining? Let us know your thoughts about this in the comment section below.
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